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• <br /> (b) Interest Rate. Commencing from the origination date of the loan agreement <br /> and continuing until all principal amount of the Loan is repaid in full, interest <br /> will accrue at the rate of 3%, computed quarterly and compounded annually. <br /> (c) Annual Payment. Commencing in Fiscal Year 2017/2018, Successor shall <br /> make payments to City in the amount not to exceed the maximum repayment <br /> amount authorized by Section 34191.4(b)(3) of the Dissolution Law. <br /> Payments shall be applied first to the principal balance due and second to <br /> interest. Successor Agency has set forth a proposed repayment schedule in <br /> Exhibit A attached to this Agreement and incorporated herein by this <br /> reference. <br /> (d) Maturity Date. Successor will make each Payment upon the receipt of tax <br /> revenues from the Alameda County Auditor Controller. The total outstanding <br /> Repayment Amount, is due and payable on July 5, 2022 (the "Maturity <br /> Date"). <br /> 1.2 Prepayment. Subject to the requirements of Section 34191.4, the Successor <br /> Agency may prepay the outstanding principal of the Loan, in whole or in part, at any <br /> time. <br /> ARTICLE 2 <br /> SUCCESSOR AGENCY REPRESENTATIONS AND WARRANTIES <br /> 2.1 Standing. Successor Agency warrants that it is in good standing with respect to <br /> all laws and regulations related to Successor Agency operations. <br /> 2.2 Authority. Successor Agency warrants that it has authority, and has completed <br /> all proceedings and obtain all approvals necessary to execute, deliver, and perform <br /> under this Agreement. <br /> 2.3 Valid and Binding Obligations. Successor Agency warrants that, when duly <br /> executed by the Successor Agency, this Agreement shall constitute the legal, valid and <br /> binding obligations of Successor Agency enforceable in accordance with its terms. <br /> 2.4 No Adverse Action. Successor Agency warrants that there is no action, suit or <br /> proceeding pending or threatened against it which might adversely affect the Successor <br /> Agency with respect to this Agreement. <br /> ARTICLE 3 <br /> SUCCESSOR AGENCY COVENANTS <br /> 3.1 Notification. Until the Loan is repaid in full, the Successor Agency covenants that <br /> it will promptly notify City in writing of the occurrence of any event which might <br /> materially and adversely affect its ability to perform its obligations under this Agreement, <br /> or which constitutes, or which the giving of notice or passage of time or both would <br />